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Published: Wed, April 12, 2017
Business | By Cristina Jennings

With A Week Until Tax Day, Get Your Tax Questions Answered

With A Week Until Tax Day, Get Your Tax Questions Answered

According to case documents and statements in court, Arias, of Fairlawn, N.J., owned and operated the prep business Santos & Associates and for tax years 2012 through 2014 she assisted in the filing of income tax returns based on false information. The complaint alleges that Draper does so without doing the due diligence required by Internal Revenue Service (IRS) regulations and despite being previously penalized over $97,000 by the IRS for failure to exercise the required due diligence. As the tax filing date grows nearer, that access becomes invaluable. Store them in a safe place.

More than 4 million taxpayers have already filed their 2016 IL individual income tax returns and have received refunds totaling over $760 million. It's easy to miss or add a digit when transferring a number from a W-2 or other tax form - for example, accidentally claiming that you paid $10,000 in tuition instead of $1,000.

Use IRS Free File to file an extension.

Taxpayers must either file a completed return or apply for an extension by April 18 and pay at least 90% of their tax liability to avoid penalties and interest. Those earning more than $64,000 can use Free File Fillable Forms, electronic versions of IRS paper forms. A list of approved delivery services is available on www.irs.gov.

Are you a last-minute income tax filer?

Taxpayers wanting in-person help from the IRS need to make an appointment before visiting an IRS Taxpayer Assistance Center.

"... the longer you wait, the more you increase the chance of making a mistake under pressure".

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This is the second year in a row that taxpayers have had three extra days to file. The IRS encourages taxpayers to visit IRS.gov for information including the "Tax Scams and Consumer Alerts" page.

The state has so far collected a net of $15.8 billion dollars during this fiscal year.

Don't forget, you can still get hit with a late payment fee if you owe money on your taxes. The IRS employees at that line can help you with a payment issue - if there really is such an issue. Weigh your options and choose the one that works best for you.

Direct pay: You can pay online with a direct transfer from your USA bank account using Direct Pay, the Electronic Federal Tax Payment System, or by a United States debit or credit card.

Starting April 2017, you may also receive a phone call from a private collection agency (PCA) approved by the IRS to follow up and collect on back taxes.

Meanwhile, the corporate income tax collections were down by 46.1 percent, or $82.8 million, going from $179.7 million a year ago to $96.9 million last month.

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